Nigeria’s inflation rate slumps to eleven-point-three-one per cent in February

The National Bureau of Statistics, NBS says the Consumer Price Index which measured inflation decreased to elven-point-three-one per cent (year-on-year) in February from elven-point-three-seven per cent recorded in January.

The NBS made this known in its “CPI and Inflation Report’’ for February released in Abuja on Friday on its website. The bureau said the figure was 0.06 per cent points lower than the eleven-point-three-seven recorded in January in the period under review.

It said the increases were recorded in all Classification of Individual Consumption by Purpose divisions that yielded the Headline index. On a month-on-month basis, it said the headline index decreased to zero-point-seven-three per cent in the period under review by zero-point-zero-one per cent points from zero-point-seven-four per cent recorded in January.